For participants
of the Hong Kong INET Conference
What is the
World Economics Association?
The World
Economics Association (WEA) was launched in May 2011. The WEA seeks
to increase the relevance, breadth and depth of economic thought. Its key
qualities are worldwide membership and governance, and inclusiveness with
respect to: (a) the variety of theoretical perspectives; (b) the range of
human activities and issues which fall within the broad domain of economics;
and (c) the study of the world’s diverse economies.
Already over 11,000
economists and related scholars have joined, including some of today’s most
respected thinkers. (See page 3 for a geographical list of the WEA’s founding
members.) The geographical distribution of the WEA’s membership is
approximately as follows: Africa 9%, Asia 18%, Europe 33%, Latin American and
the Caribbean 12%, Oceania 8%, and US and Canada 20%.
This phenomenal success
has come about because the WEA fills a huge gap in the international
community of economists — the absence of a professional organization which is
both broadly international and pluralist.
Contact: supportWEA@worldeconomicsassociation.org
What does the WEA
do already?
http://www.worldeconomicsassociation.org/
The WEA facilitates the
development of economic thinking and debate through:
- 3 on-line journals
(high download rates of papers):
- World Economics Review (with open on-line peer review)
- Economic Thought (with open on-line peer
review)
- Real-World Economics Review (See page 4 for the contents page of current issue.)
- Economics in Society: The Ethical Dimension
- Sustainability – Missing points in the development dialogue
- Rethinking financial
markets
- The political
economy of economic metrics
- The economics
curriculum: towards a radical reformation (spring)
- Inequalities in Asia
(Spring)
- Neo-liberalism in
Turkey (Autumn)
- Bi-monthly 12-page
newsletter: 8
issues have already been published
All of the above are freely available
to audiences across the globe: academics, students, lay people, and those in
government and business.
What new things does the WEA plan to introduce this year?
- Its website is in the
process of being completely redesigned and upgraded.
- A Network of 50+
National Chapters
Our
prototype national network is Amnesty International’s. One or more
people will be recruited to start up a national chapter and manage its
website. The idea is for them to promote WEA network groups for scholars
and students in the individual countries, and for their websites to
display results of their activities in terms of memoranda, conferences, special
sessions therein, reports, and discussions of both publications and their
national economic situation. The IT system for the network is
already in place, and the organizing campaign will be launched in May.
We expect this grassroots network to lead to a large increase in WEA
membership, enough to make the WEA the world’s largest professional
association for economists.
- Blog and Notice Boards
The WEA Pedagogy Blog will soon be operational, managed by an
American, a Pakistani and a Brazilian. A set of seven regional WEB
blog-type notice boards for jobs and events are planned, including one
for the world as a whole, with the Latin American one (in Spanish and
Portuguese) to lead off.
- WEA Press
Plans are underway for establishing a WEA Press to publish e- and
paperback books, initially of best papers from WEA conferences, later
probably more wide ranging.
What are the WEA’s long term ambitions?
- To create a global
grassroots movement in the economics profession that will
realize the WEA’s aims of pluralism, global inclusiveness and real-world
relevance.
- To make its website a
primary focus point for the economics profession worldwide.
- To establish more
journals using the strategic combination of digital technology and the
membership email list.
- To make the WEA the
discipline’s primary professional reference point, rather than the
American Economic Association.
- To create digital
platforms for the global based professional discussion of economics and
economic issues.
What is the WEA’s legal status?
World Economics Association is registered under United Kingdom law
as a non-profit Community Interest Company. Company number: 07507045.
Address: 12 Maurice Road, St. Andrews, Bristol BS6 5BZ, UK. Email: info@worldeconomicsassociation.org.
It has a board of directors and is a company limited by guarantee.
What is the WEA’s financial situation?
The WEA is now at a point of transition from “start-up”, based
entirely on volunteers, to a more established and permanent organization,
still volunteer based, but with a need for self-sustaining financing to
support our web and publications infrastructure.
So far the WEA has been financed entirely by small donations ($50 is
about average) from its members. In total about $45,000 has been raised this
way. Our main costs are the employment of staff for editing, formatting and
IT work and the purchase of IT software. Assuming that the management of the
WEA operations continues to be available on a voluntary basis, then a total
budget of $200,000 for the next 2 years would secure WEA’s development and
future.
For this we require substantial donations.
We invite anyone who sympathizes with the WEA’s manifesto, agrees
with WEA’s goals and appreciates its potential to contact us, either to
volunteer or to donate: supportWEA@worldeconomicsassociation.org
7 key WEA members are participants in the INET Hong Kong
Conference.
- Sheila Dow – co-editor of Economic
Thought
- Jean-Pierre Dupuy – founding member
- Edward Fullbrook – Executive Director
(edward.fullbrook@btinternet.com)
- Norbert Häring – Director
- Steve Keen – member of Executive
Committee
- Richard Koo – member of Executive
Committee
- André Orlean – founding member
WEA Executive Committee Members
- Juan Carlos Moreno
Brid,
Mexico, UN Economic Com. for Latin America and the Caribbean
- C. P. Chandrasekhar, India, Jawaharlal
Nehru University
- Ping Chen, China, Peking
University and Fudan University
- Edward Fullbrook, UK, University of
the West of England
- James K. Galbraith, USA, University of
Texas at Austin
- Grazia Ietto-Gillies, Italy / UK, London
South Bank University
- Steve Keen, Australia,
University of Western Sydney
- Richard C. Koo, Japan, Nomura
Research Institute
- Tony Lawson, UK, Cambridge
University
- Peter Radford, USA, Radford Free
Press
- Dani Rodrik, USA, Harvard University
Founding members of the World Economic Association
Initiators
Edward Fullbrook
Peter Radford
Norbert Häring
Grazia Ietto Gillies
Vicki Harris
Valerie Radford
Launch Committee
Dean Baker
Ha-Joon Chang
Herman E. Daly
Heiner Flassbeck
Edward Fullbrook
James Galbraith
Jayati Ghosh
Grazia Ietto Gillies
Norbert Häring
Steve Keen
Richard C. Koo
Tony Lawson
Frédéric Lordon
Juan Carlos Moreno-Brid
Peter Radford
Erik S Reinert
Irene van Staveren
Robert Wade
sanity, humanity and science
probably the world’s most read economics journal
real-world
economics
review
– Subscribers: 22,149 Subscribe here
Blog
ISSN 1755-9472
– A journal of the World Economics Association (WEA) 11,201
members, join here
– Sister open access journals: Economic Thought and
World Economic Review
– back issues at www.paecon.net
recent issues: 62
61
60
59
58
57
56
55
54
53
Issue no. 63, 25 March 2013
In this issue:
The veil of deception over money
2
Norbert Häring
Ultra easy monetary policy and the law of unintended consequences
19
William White
Civilizing
capitalism
57
Erik Reinert
Looking at the right metrics in the right way – Two kinds of
models
73
Merijn Knibbe
Crisis and methodology: Some heterodox
misunderstandings
98
Egmont Kakarot-Handtke
Inapplicable operations on ordinal, cardinal, and expected
utility 118
Jonathan Barzilai
Reduced work hours as a means of slowing climate change
124
David Rosnick
Electronic money and Modern Monetary
Theory 135
Trond Andresen
Productivity, unemployment and the Rule of
Eight 142
Alan Taylor Harvey
What I would like economic majors to
know 147
David Hemenway
Past contributors, submissions and
etc. 155
manifesto
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supportWEA@worldeconomicsassociation.org